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Cryptocurrency News Articles
Will Solana Hit $200 This Year? SOL Crypto Price Tests Its Major Resistance
Sep 29, 2024 at 02:30 am
The cryptocurrency market is on the verge of concluding September on a positive note. With this, the crypto space breaks its historic market trend
Cryptocurrency markets are all set to conclude September on a bullish note. This breaks the historic market trend of a bearish September. It also points towards a bullish Q4 and the possibility of the beginning of an Altseason market.
Moreover, with Bitcoin price reclaiming the $66K level, major altcoins have broken past their key resistance levels. Solana token has also recorded a similar move by breaking out of its resistance at $155.
This has led to an increase in searches for terms like “Is this the right time to invest in crypto?” and “When will Solana hit $200?”. In this piece, we will be covering the short-term price outlook for Solana crypto token.
SOL Crypto Price Tests Key Resistance
Despite recording a correction of ~1% in the past 24 hours with a trading volume of $2.395B, Solana price has maintained its value above the $155 mark. Moreover, it has jumped 6.29% in the past week and 7.83% over the past 30 days.
Solana token is now testing a breakout from its resistance zone above the $155 level. However, the outcome of this breakout remains uncertain. Further, with a market capitalization of $73.53B, it continues to hold the 5th position in the cryptocurrency market.
Solana Technical Sentiments
The Simple Moving Average (SMA) provides continuous support to the SOL price chart in the 1D time. This indicates increasing buying pressure for the altcoin in the market.
Moreover, the MACD indicator shows a continuous green histogram with its averages displaying a constant uptrend. This indicates that the Solana token may continue to rise in value in the upcoming period.
Will SOL Price Hit $200 This Year?
If the market continues trading in a bullish manner, the Solana token will be testing its next major resistance at $181. Moreover, if the bullish scenario intensifies, the altcoin is set to prepare for testing its yearly high at $209.
On the other hand, if the bears regain momentum, the price could retest its support at $155. Further, if the bears dominate the crypto space in Q4, this could lead to the SOL coin price heading towards its lower support at $127.
Curious about how high the Solana (SOL) price could go in the future? Then our Solana Price Prediction is a must-read for you!
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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